Reading sale 'not an easy transaction' - Howe

Nigel Howe has been banned by the FA from all football-related activities for 3 months from 4 October

Reading's former chief executive Nigel Howe has said that current owner Dai Yongge wants to "bring someone in to take the club forward."

On Wednesday it was announced that the attempted takeover of Reading by former Wycombe Wanderers owner Rob Couhig had fallen through after a breakdown in negotiations.

The Royals said in a statement that "alternative options" would now be pursued and Howe - who is involved in facilitating a sale of the club - spoke for the first time since negotiations ended.

"Mr Dai has committed to sell the club and continues to be committed," Howe told BBC Radio Berkshire.

"He wants to bring someone into the club that will continue to keep it at the highest level. Whatever the fans might think that is his most important driver, to bring someone in that will take the club forward.

"In the meetings I’ve had with him, he has never done anything else but tell me he wants to sell."

In Reading's statement they detailed that finances are in place to fund the club until the completion of a transaction.

BBC Radio Berkshire understands money received from a sell-on clause in the contract of former player Michael Olise, who joined Bayern Munich in the summer, is helping to keep the club financially stable for now.

Howe said that any potential buyer who might come in will have to consider providing funds to maintain the stability of the club prior to an agreement being finalised.

"Most people who want to buy the club understand the current financial position the club is in," Howe added.

"Part of buying the club may require some sort of funding going forward until a transaction is complete.

"The complexity of the Reading deal is a lot surrounding assets. Two assets are based in Hong Kong, one is in the British Virgin Islands and it’s not an easy transaction.

"The way the assets have been separated is different to how most others have their club, stadium and training ground together."

'Potential buyers will be waiting to step in'

Couhig's attempt to purchase Reading was the closest any party has come to completing a deal recently and according to Howe, more people will follow.

"Even though we have been under exclusivity with the buyer, there are people who have been trying to gain some sort of entry into understanding where we are with a deal," Howe said.

"Those people I assume will still be there and will be waiting. All I can say is there’s a lot of very keen buyers out there that that see Reading as a massive opportunity.

"Reading Football Club is a big club, we need someone who is committed to investing. The good news about that is that we’ve seen clubs prove that with the right investment you can get back to the Premier League."

Howe has been banned by the FA from all football-related activities for three months from 4 October.

Beyond that date, the former CEO will not be able to be involved in talks regarding the sale of the club but can still negotiate in property discussions.